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Getting pre-approved for a home loan is a lot of work, but is it really necessary?

I’ve seen a lot of buyers want to begin shopping for a home with a pre-qualification instead of a pre-approval and this can be a huge mistake. 

A pre-qualification is not a true approval. It’s the initial step in the home loan process where you discuss your financial situation with the loan officer, but nothing has been verified. In order to be pre-approved, you must provide the lender all of the necessary documentation. Once the lender has verified your employment, seen your taxes, looked at your bank statements, and truly verified everything then, and only then can they let you know what your interest rate is and what your payment will be.

Not getting pre-approved before making an offer could cost you your dream home. Because almost all agents working with the seller will require the buyer to submit a pre-approval letter with their offer which means without a pre-approval, the seller is likely not to even see your offer. And in time of low inventory and multiple offers, you must put your best foot forward when presenting an offer and that begins by getting pre-approved. 

Call me and let me walk you through the safest and most strategic way to purchase a home. Oh, and don’t forget, it’s free to work with me because the seller pays my fees.

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